Zhongguancun Development Group and Japan's Mizuho Bank will soon sign a partnership agreement that aims to discover new markets that show great potential, including ventures in the artificial intelligence industry.
According to Nikkei Asian Review, the Chinese and Japanese companies will seal the deal on Friday. The deal states that Mizuho will assist startups in China for sales and distribution in Japan. The agreement further states that investment options will be open to any other projects related to the startup.
One of the most likely industries that will receive assistance from the joint Zhongguancun-Mizuho collaboration is artificial intelligence (AI). This particular market has seen significant growth over the past years and it won't be surprising if the partnership prioritizes AI startups.
Mizuho Bank has been expanding into other industries over the past years. Earlier this month, the bank announced that it will launch its very own digital currency on March 2019. If the plan pushes through, the bank will have its own value against the Japanese yen.
The proposed cryptocurrency from Mizuho bank is expected to be of great use in the online shopping world as well as remittance transactions. Compared to credit card fees, the Mizuho's currency allows for cheaper transaction fees when a purchase is made from retail stores.
Meanwhile, Zhongguancun Development Group continues to support the exhibition of new Chinese-made products that encourage innovation. It was announced last week that Beijing, in partnership with the firm, will ease up on foreign talents who should help in establishing a science and technology innovation center in China. The plan is to encourage young scientific researchers to enhance their skills for the global market.
Founded in 2010, the company is run by the Chinese government, which explains why President Xi Jinping is determined to promote innovative projects that will help country battle slowing economic growth.
Late last year, China's first AI theme park developed by Zhongguancun Development Group was opened to the public in northern Beijing. According to China Daily, the park is home to various innovations that are expected to challenge AI research in other countries.
The exhibits include intelligent speakers that respond to instructions, driverless shuttle buses, and even smart lamp posts along the Haidian Park that have the ability to record exercise data from visitors.
Experts presume that the latest developments by Zhongguancun Group will further be supported by the upcoming Mizuho Bank partnership. This could fuel more AI projects by Chinese intellects who have the potential to give birth to a new generation of markets focused mainly on artificial intelligence.
